VMAT — V-Shares MSCI World ESG Materiality and Carbon Transition ETF

VMAT Fund Overview

VMAT — V-Shares MSCI World ESG Materiality and Carbon Transition ETF is a US ETF managed by Managed Portfolio Series, categorised as Global (incl. US) Blend / Core Thematic Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: Managed Portfolio Series
• Category: Global (incl. US) Blend / Core Thematic Equity
• Assets under management: $2.54M
• 1-year return: 17.4%
• Ticker: VMAT
• SEC CIK: 0001511699
• SEC series ID: S000076256
• Share class ID: C000235801

VMAT Investment Objective and Strategy

V-Shares MSCI World ESG Materiality and Carbon Transition ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Managed Portfolio Series.

Investment objective

The V-Shares MSCI World ESG Materiality and Carbon Transition ETF (the MSCI World ESG Materiality Fund or the Fund) seeks to track the investment results, before fees and expenses, of the MSCI World ESG Materiality and Carbon Transition Select Index (the MSCI Index).

Principal investment strategy

The Fund seeks to track the investment results, before fees and expenses, of the MSCI World ESG Materiality and Carbon Transition Select Index (the MSCI Index), which was developed by MSCI Inc. (the MSCI Index Provider or MSCI). V-Square Quantitative Management, LLC (the Adviser) uses a passive or indexing approach to try to achieve the Funds investment objective. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in companies included in the MSCI Index. The MSCI Index is designed to represent the performance of the equity securities of companies in developed markets, including the United States and Canada, assessed to be sector leaders in the global transition to low carbon emissions. As of the date of this prospectus, the MSCI Index consisted of securities of companies in 23 different countries throughout the world, including the United States and Canada.

The MSCI Index includes all eleven sectors represented in its parent index, the MSCI World Index. The relative sector weightings that are represented in the MSCI Index are determined as a result of the portfolio construction process described below. As of January 31, 2023, approximately 55% the MSCI Indexs market capitalization (market cap) was allocated to companies incorporated in the United States. The assessment to identify sector leaders in the global transition to low carbon emissions is based on a set of environmental, social, and governance (ESG) key issues, as determined by the MSCI Index Provider that are aligned with the Materiality Map of the Sustainability Accounting Standard Board (SASB), which attempts to identify ESG issues that are financially material to an issuer based on its industry classification.

The MSCI Index is comprised of a subset of the constituents of the MSCI World Index (the MSCI Index Universe), which captures large- and mid-cap companies in developed markets representing approximately 85% of the free float-adjusted market cap in countries determined to be developed markets by the MSCI Index Provider. As of January 31, 2023, the MSCI Index included approximately 556 component securities. MSCI Index Construction Process Step 1 Exclusions Companies in the MSCI Index Universe are excluded from the MSCI Index if they meet any of the following criteria: Controversial Weapons All companies involved in Controversial Weapons as defined by the methodology of the MSCI Ex-Controversial Weapons Indexes. For example, companies are excluded for involvement in cluster bombs, landmines, depleted uranium weapons, chemical and biological weapons, blinding laser weapons, non-detectable fragments, and incendiary weapons.

Tobacco All companies deriving 5% or more of their revenue from the production of tobacco related products or 15% or more of their revenue from the production, distribution, retail, supply, and licensing of tobacco-related products. Thermal Coal Mining All companies deriving 5% or more of their revenue from the mining of thermal coal (including lignite, bituminous, anthracite and steam coal) and its sale to external parties, excluding revenue from metallurgical coal, coal mined for internal power generation ( e.g. , in the case of vertically integrated power producers), intracompany sales of mined thermal coal, and revenue from coal trading (either reported or estimated). Thermal Coal Power All companies deriving 5% or more of their revenue (either reported or estimated) from thermal coal-based power generation.

Unconventional Oil & Gas All companies deriving 5% or more of their revenue from unconventional oil & gas, including revenue from oil sands, oil shale (kerogen-rich deposits), shale gas, shale oil, coal seam gas, and coal bed methane. Asset Stranding All companies classified in the Low Carbon Transition (LCT) category of Asset Stranding. This represents the potential for companies to experience stranding, referring to unanticipated or premature write-downs, of physical/natural assets due to regulatory, market, or technological forces arising from low carbon transition. For example, companies with assets tied to fossil fuels that are facing the impact of changes associated with decarbonizing the economy. United Nations Global Compact Principles All companies that fail to comply with the United Nations Global Compact Principles, which includes fundamental responsibilities in four areas: human rights, labor, environment, and anti-corruption.

Step 2 Ranking Each of the remaining companies in the MSCI Index Universe (collectively, the Eligible Companies) is then ranked within its sector based on the companys SASB-aligned ESG Score, which is a proprietary scoring methodology maintained by the MSCI Index Provider. The SASB-aligned ESG Score for a company reflects the weighted average of a set of relevant Key Issue Scores, calculated by the MSCI Index Provider, that are aligned with SASBs Materiality Map. Key Issue Scores applicable to a company are based on key issues relevant to the companys sub-industry. For example, a company in the airlines sub-industry is scored based on the Key Issues of governance, carbon emissions, labor management, and product safety and quality, while a company in the consumer finance sub-industry is scored based on the key issues of consumer financial protection and privacy and data security.

If two companies have the same SASB-aligned ESG score, then the company with the larger market cap receives the higher rank. Step 3 Selection At each annual reconstitution of the MSCI Index, companies are selected for inclusion in the MSCI Index sector by sector based on their in-sector ranking and on the following order of priority within each sector until the cumulative market cap of a particular sector reaches 40% of the cumulative market cap of Eligible Companies in that sector: 1. Eligible Companies with market caps within the top 25% of the cumulative market cap of the applicable sector are added in the order of in-sector rank; 2. Current index constituents with market caps within the top 50% of the cumulative market cap of the applicable sector are included in the order of in-sector rank; and 3.

The remaining Eligible Companies in the applicable sector are added in the order of in-sector rank. Step 4 Weighting Companies selected for inclusion in the MSCI Index are then weighted based on the product of their market cap weight in the MSCI Index Universe and a Tilt Score based on the companys Low Carbon Transition (LCT) category. Low carbon transition refers to the global transition to a low carbon economy. The LCT category for each company is determined by MSCI ESG Researchs Low Carbon Transition Risk assessment, which is designed to identify potential leaders and laggards by holistically measuring companies exposure to and management of risks and opportunities related to the low carbon transition. Specifically, the LCT category groups companies into one of five categories that highlight the predominant risks and opportunities they are most likely to face in the transition.

The table below lists the four categories that are used for the Tilt Score (companies in the Asset Stranding category are excluded from the MSCI Index). A higher Tilt Score results in a higher weighting in the MSCI Index. LCT Category LCT Risk/Opportunity Sample industries Tilt Score Product Transition Reduced demand for carbon-intensive products and services. Leaders and laggards are defined by the ability to shift product portfolio to low-carbon products. Oil & gas exploration & production; Petrol/diesel based automobile manufacturers, thermal power plant turbine manufacturers 0.5 Operational Transition Increased operational and/or capital cost due to carbon taxes and/or investment in carbon emission mitigation measures leading to lower profitability of the companies. Fossil fuel based power generation, cement, steel 0.75 Neutral Limited exposure to low carbon transition carbon risk, though companies could have exposure to physical risk and/or, for instance in the case of financial services companies, indirect exposure to low carbon transition risk via lending or investment, for example.

Financial services, consumer staples, healthcare 1 Solutions Potential to benefit through the growth of low-carbon products and services. Renewable electricity, electric vehicles, solar cell manufacturers 2 After the application of the Tilt Score, the weights of securities in the MSCI Index are normalized so that the sector weights in the MSCI Index are the same as they would have been absent the application of the Tilt Score. The MSCI Index is reconstituted and rebalanced annually in May. At each reconstitution of the MSCI Index, the weights of individual securities are capped at 10%. Unlike many investment companies, the Fund does not try to beat the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. Indexing may eliminate the chance that the Fund will substantially outperform the MSCI Index but also may reduce some of the risks of active management, such as poor security selection.

Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies. The Fund uses a full replication methodology when practical to manage the Fund. The Fund may lend securities representing up to one-third of the value of the Funds total assets (including the value of any collateral received). The MSCI Index is sponsored by MSCI, which is independent of the Fund and the Adviser. The MSCI Index Provider determines the composition and relative weightings of the securities in the MSCI Index and publishes information regarding the market value of the MSCI Index. The Fund will not concentrate its investments in an industry or group of industries (i.e., hold 25% or more of its total assets in the securities of companies in a particular industry or group of industries), except to the extent that the MSCI Index concentrates in a particular industry or group of industries.

No such concentration existed as of January 31, 2023. The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended, which means that it may focus its investments in the securities of relatively few issuers.

VMAT Performance

Total returns for VMAT (as of 2026-10-01), from SEC filings.

VMAT Risk Information

Risk metrics for VMAT, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 16.0%

VMAT Costs and Fees

VMAT costs about $39 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.39%
• Gross expense ratio: 0.39%
• Portfolio turnover: 0%
• Brokerage commissions: 1.48 bps of average net assets (SEC N-CEN)

VMAT Cashflows

Over the 12 months to 2023-10, V-Shares MSCI World ESG Materiality and Carbon Transition ETF had net inflows of $2.54M, from monthly SEC N-PORT filings.

VMAT Debt Constituents

No individual debt constituents are reported in V-Shares MSCI World ESG Materiality and Carbon Transition ETF's latest SEC N-PORT filing.

VMAT Prospectus and SEC Filings

Official V-Shares MSCI World ESG Materiality and Carbon Transition ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2023-02-27
• Prospectus (485BPOS) — filed 2022-05-19
• Portfolio holdings (N-PORT) — filed 2023-12-21
• Portfolio holdings (N-PORT) — filed 2023-09-28
• Portfolio holdings (N-PORT) — filed 2023-06-29
• Annual census (N-CEN) — filed 2024-01-12
• Annual census (N-CEN) — filed 2023-01-17

Related Funds

Other Global (incl. US) Blend / Core Thematic Equity funds tracked on ABC INVEST:

• VegaShares AI Advanced Chip Packaging ETF (CWOS)
• VegaShares AI Inference Infrastructure ETF (NFER)
• VegaShares AI On-Devices ETF (DEVC)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.